Is PocketSmith Legit?


Jeremy BiberdorfBy: Jeremy Biberdorf

March 15, 2023March 15, 2023

PocketSmith

Are you tired of the endless cycle of budgeting apps that promise the world but fall short in delivering results? It can be a frustrating experience to try and navigate the sea of personal finance software, trying to find one that truly meets your needs.

That’s where PocketSmith comes in – a budgeting app that has been gaining popularity in recent years. But with so many options out there (PocketSmith vs YNAB), you might be asking yourself, “Is PocketSmith legit?” In this article, we’ll explore the features of PocketSmith, company background, and customer reviews.
Learn More About PocketSmith

Company Background

PocketSmith is a personal finance app that was founded in 2008 by a group of entrepreneurs (including James Wigglesworth, and Jason Leong) in Dunedin, New Zealand. The company was started with the goal of creating a simple and powerful tool to help individuals manage their personal finances more effectively.

The company has grown steadily over the years and now has customers in over 190 countries around the world. The app has received numerous awards and accolades for its innovative features and user-friendly interface.

PocketSmith is a privately-held company that has raised several rounds of funding from investors, including Flying Kiwi Angels, K1W1, and NZVIF. The company has used this funding to continue to develop and improve its app, adding new features and expanding its reach to new markets around the world.

In addition to its personal finance app, PocketSmith also offers a range of resources and tools to help individuals improve their financial literacy and achieve their financial goals. The company regularly publishes articles and guides on personal finance topics, as well as hosting webinars and events to help users get the most out of their app.

PocketSmith is a well-established and reputable company with a strong track record of providing innovative and effective solutions for personal finance management.

Powerful Features

PocketSmith is a powerful personal finance app that can help you take control of your money and improve your financial situation. Here are some reasons why you should consider using PocketSmith:

  • Connect to Unlimited Accounts – One of the most significant benefits of using PocketSmith is the ability to connect to unlimited bank accounts and credit cards. This feature allows you to see all of your financial information in one place, making it easier to track your expenses and manage your finances. Additionally, the app uses bank feeds to automatically import your transactions, so you don’t have to manually input each expense. So in other words, you can think of PocketSmith as your personal finance assistant.
  • Automatic Categorization – The app uses machine learning algorithms to analyze your transactions and automatically categorize them into different budget categories, such as groceries, entertainment, or rent. This feature saves you time and effort by eliminating the need to manually categorize your expenses.
  • Budgeting and Forecasting – PocketSmith provides a variety of budgeting and financial forecasts to help you plan and manage your finances effectively. You can create spending plans and monthly budgets based on your current financial situation, and the app generates financial projections, and budget allocations to help you plan for your financial future. You can also use scenario testing to see how different financial decisions could impact your finances.
  • Financial Statements and Reports – The app also provides a range of financial statements and reports, such as a profit and loss statement, balance sheet, and cash flow statement. These reports can help you better understand your finances over a varying period of time and make more informed financial decisions. Additionally, PocketSmith offers tax reporting features, which can help you prepare your taxes more easily.
  • Premium Features – While the basic version of PocketSmith is free, the app also offers a premium version with additional features. The premium version includes tools for scenario testing, business financials, and forecasting, as well as access to priority customer support. While the premium version does come at a cost, it offers additional features that can be valuable for individuals who require more advanced financial management tools.
  • Demo Mode – If you’re unsure whether PocketSmith is right for you, the app offers a demo mode that allows you to try out its features before committing to a subscription. This feature is particularly helpful if you’re new to personal finance apps and want to get a sense of how the app works before investing in it.
  • User-Friendly Interface– Finally, PocketSmith has a user-friendly interface that is easy to navigate and use. The app provides clear and concise reports and statements, and the dashboard offers a comprehensive overview of your financial situation. Additionally, the app offers helpful tools and resources, such as a budget calendar and active budgets, to help you stay on track with your financial goals.

Security and Privacy

When it comes to personal finance, and linking financial accounts, security is paramount. The last thing you want is to have your financial information fall into the wrong hands. That’s why it’s essential to choose a personal finance app that prioritizes security and privacy. And PocketSmith does just that.

  • Encryption: PocketSmith uses bank-level encryption to protect your financial data. All data transmitted between your device and PocketSmith’s servers is encrypted using the HTTPS protocol, which is the same level of encryption used by banks and other financial institutions.
  • Two-Factor Authentication: PocketSmith also offers two-factor authentication, which adds an additional layer of security to your account. With two-factor authentication, you’ll need to enter a code that is sent to your phone or email in addition to your username and password to log in to your account. This helps to prevent unauthorized access to your account, even if someone has your login credentials.
  • Security Audits: PocketSmith regularly undergoes security audits to ensure that its systems are secure and up-to-date with the latest security measures. These audits are conducted by third-party security experts who test the app’s security features and identify any potential vulnerabilities.
  • Privacy Policy: PocketSmith has a clear and transparent privacy policy that outlines how it collects, uses, and shares your personal information. The app does not sell your data to third parties or share your information with advertisers. Additionally, PocketSmith offers a range of privacy settings that allow you to control how your data is shared and used within the app.

The app takes the security and privacy of its users very seriously, and regularly updates its systems to ensure that they are secure and up-to-date with the latest security measures.

Customer Reviews

PocketSmith has generally positive customer reviews, with many users praising the app for its powerful features mentioned above and most specifically the user-friendly interface.

However, some users have reported issues with the app’s bank feed provider, Yodlee, which can sometimes experience delays in syncing transactions.

Final Thoughts – Is PocketSmith Legit?

PocketSmith is a legitimate personal finance app that offers powerful budgeting and financial management tools, a user-friendly interface, and industry-standard security measures. With the ability to connect unlimited accounts, automatic categorization, budgeting and forecasting features, financial statements and reports, and premium features available at an additional cost, PocketSmith is a comprehensive solution for personal finance management.

While some users have reported issues with bank feed delays and manual transaction entry, the app’s positive customer reviews and overall effectiveness make it a worthwhile investment for anyone looking to take control of their finances. So, if you’re looking for a reliable personal finance app, PocketSmith is worth it. Click here to check it out today!

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Jeremy Biberdorf
Jeremy Biberdorf

About the Author:

Jeremy Biberdorf is the founder of Modest Money. He's a father of 2 beautiful girls, a dog owner, a long-time online entrepreneur and an investing enthusiast.

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